SHANGHAI, Aug. 16, 2021 /PRNewswire/ -- 111, Inc. ("111" or the "Company") (NASDAQ: YI), a leading tech-enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China, today announced the expansion of its existing partnership with Bayer Healthcare Co. Ltd. ("Bayer").
111 and Bayer Healthcare first entered into a strategic partnership in September 2020, to collaborate on drug commercialization initiatives in China. Specifically, 111 and Bayer agreed to work towards the commercialization of innovative drugs and healthcare products for chronic disease management, as well as providing useful resources for patient education. Leveraging 111's vast network of pharmacies and healthcare providers facilitates the expansion of Bayer's presence in underserved markets in China, as well as enhances the leading drug maker's channel management and patient outreach capabilities. The two companies also agreed to jointly develop a digital content portal that provides online pharmacist training, as well as interactive patient education, and other services. The goal of this platform is to allow patients, healthcare providers, and pharmaceutical companies to work together to create patient-centric healthcare management plans that focus on providing quality service, in a more convenient and less restrictive way for the patient.
Currently, 111 is the only e-commerce company in China to have secured a direct sourcing partnership with Bayer. The new agreement deepens this relationship, as 111 will also assist Bayer with commercialization through proprietary technology, including its SMART supply chain, big data, and cloud services. Expanding the partnership still further, 111 will cover an increased number of innovative drugs for Bayer, as the two companies will work together to achieve greater penetration in the wider online and offline markets. Also growing is the number of therapeutic areas that 111 covers for Bayer, which now will encompass diabetes, oncology, cardiovascular, cerebral and gynecology. Finally, the two parties will leverage 111's e-hospital capabilities to construct a disease management platform to create a digital "healthcare + medicine" service model for patients including doctor-patient communication, disease course management, and online and offline DTP delivery of medicines.
111's Co-Founder and Executive Chairman, Dr. YU Gang, commented, "We are very pleased with what Bayer and 111 have been able to accomplish together through our partnership, and look forward to our continuing to innovate together in the area of healthcare. By leveraging our respective strengths and expertise, the two companies will jointly explore more efficient healthcare delivery models, advancing the traditional healthcare system to the modern era of digital "healthcare + medicine" to provide people in China with high-quality products and convenient services, and to help build a "healthy China"."
Ms. LUO Xiaojie, Senior Vice President at Bayer Pharmaceuticals, commented, "While Bayer and 111 have already developed a mutually cooperative relationship, in many ways this agreement marks a new beginning. It will better enable both parties to give full play to their unique advantages in the medical and pharmaceutical fields, and the innovative digital service model will create value for the pharmaceutical industry and benefit more Chinese patients."
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to drive sustainable development and generate a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2020, the Group employed around 100,000 people and had sales of 41.4 billion euros. R&D expenses before special items amounted to 4.9 billion euros. For more information, go to www.bayer.com.
About 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading tech-enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China. The Company provides consumers with better access to pharmaceutical products and healthcare services directly through its online retail pharmacy, 1 Pharmacy, and indirectly through its offline virtual pharmacy network. The Company also offers online healthcare services through its internet hospital, 1 Clinic, which provides consumers with cost-effective and convenient online consultation, electronic prescription service, and patient management service. In addition, the Company's online platform, 1 Medicine Marketplace, serves as a one-stop shop for pharmacies to source a vast selection of pharmaceutical products. With the largest virtual pharmacy network in China, 111 enables offline pharmacies to better serve their customers with cloud-based services. 111 also provides an omni-channel drug commercialization platform to its strategic partners, which includes services such as digital marketing, patient education, data analytics, and pricing monitoring.
For more information on 111, please visit: http://ir.111.com.cn/.
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as 111's strategic and operational plans, contain forward-looking statements. 111 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company's ability comply with extensive and evolving regulatory requirements, its ability to compete effectively in the evolving PRC general health and wellness market, its ability to manage the growth of its business and expansion plans, its ability to achieve or maintain profitability in the future, its ability to control the risks associated with its pharmaceutical retail and wholesale businesses, and the Company's ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq Global Market, including its ability to cure any non-compliance with Nasdaq's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and 111 does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For more information, please contact:
Phone: +1 646-274-3580
Phone: +86-021-2053 6666 (China)
SOURCE 111, Inc.